Wednesday, October 03, 2007

DAILY REPORT FOR 3 OCTOBER, 2007

NIFTY: - Open 5021 High 5089 Low 5001 Close 5068 (+47 points)

P/E 22.79 P/B 5.41 Adv 28 Dec 22

Supp 5050/4990/4965 Res 5085/5110/5140

SENSEX: - Open 17356 High 17425 Low 17144 Close 17328 (+37 pts)

Supp 17290/17140/17000 Res 17430/17500/17610

New All time high:-

· Markets opened firm but went into negative territory. But consistent buying was seen after sun-outage period ended and Sensex closed up by 37 points. Nifty outperformed the Sensex as ONGC had a nice rally.

· Volumes were lower at Rs 17357 Cr in spot market and F&O Vol Rs 61451 Cr.

· Breadth was positive – BSE Adv 1743 Dec 1208 Unch 82 NSE Adv 630 Dec 462 Unch 27

· FIIs buy Rs 1721 Cr in Cash Market and Domestic Institutional Investors sell Rs 929 Cr. In Derivatives market, FIIs sold Rs 453 Cr in Index Fut & bought Rs 519 Cr in Index Options. They sold huge Rs 1321 Cr in Stock Futures.

· Power stocks surged. Also refinery stocks were among gainers. Banks corrected a bit with SBI as the top loser.

Top Gainers: - Rel Energy, Tata Power, NTPC, BPCL, GAIL

Top Losers: - SBI, Nalco, BHEL, ITC, Hero Honda

Indian ADRs: - http://tinyurl.com/33m7dx

Outlook for Wednesday:-

· A flat opening is expected today. Supply from higher levels is not ruled out.

· 4990-5000 level is providing good support for the Nifty. Below that we can expect 4965 being tested.

· VSNL (446):- Buy around 428-434 for target 485-490. SL can be kept at 415.

· ONGC has hit a new all time high on Monday and should prevent the indices from big losses. Reliance and SBI have to be watched for knowing market movement. We can correct if they start cracking. Stock-specific action should continue.

(Keep SL in short-term trades)


Room tariffs in star hotels may rise by 15-20%
http://www.thehindubusinessline.com/2007/10/03/stories/2007100351830100.htm

Adani in talks with GSPC for LNG terminal in Mundra http://economictimes.indiatimes.com/News_by_Industry/Adani_in_talks_with_GSPC_for_LNG_terminal_in_Mundra/articleshow/2423315.cms



Disclaimer: These recommendations are based on the theory of technical analysis and personal observations. This does not claim for profit. I am not responsible for any losses made by traders. It is only the outlook of the market with reference to its previous performance. You are advised to take your position with your sense and judgment. I am trying to consider the fundamental validity of stocks as far as possible, but demand and supply affects it with vision variations.

No comments: